Owner FAQs
Financial Questions
How do I get paid?
During the onboarding process you will receive an invitation to join our owner portal. In the portal, there’s an area to put in the banking information for the account you would like rent deposited into. Once you’ve input your banking information then we can send rent payment via ACH.
Does the tenant pay me directly?
The tenant submits rent payment to Iron Creek through their renter portal. We deduct any expenses from the rent payment, then disburse the remainder to you. The renter does not pay you, as the owner, directly.
What kind of reporting do I get?
Each month you’ll receive an Owner Statement with details on the amount of rent collected, management fees, expenses and any withholdings. You can also access this any time in your owner portal.
Can I hold the security deposit?
We are the party accepting the security deposit and therefore are responsible for holding it and processing any returns during the move out. We hold security deposits in alignment with industry best practices.
Do I pay a mangement fee when my home is vacant?
No, we get paid when you get paid. If your home is vacant or a tenant is not paying rent, we are not collecting a management fee.
Leasing Questions
How are applicants screened?
We use thorough applicant screening practices in combination with Transunion reporting. You can find our screening criteria here.
Can I pick the tenant?
No, we thoroughly screen applicants to find high-quality residents for your home. The way our business is designed puts our incentives in complete alignment with yours as the owner. Like you, we want to find a great resident who is likely to pay rent on time and take care of the property.
We also follow all fair housing rules and regulations as well as local regulations.
Do I have to allow pets?
It’s completely up to you. Around 70% of people own pets, so if you choose not to allow pets it will reduce the potential renter pool and likely increase the time your property is vacant. You’re welcome to specify what kinds of pets are allowed.
Assistance animals are not considered pets. They are not subject to pet fees, pet rent, or pet policies. Our third-party screening company verifies all assistance animal requests.
What condition does my property need to be in to rent it?
The condition of your home at move in will set the stage for the tenancy. Handing over a clean home with everything in working order creates an expectation for the condition at move-out. You can learn more about our property standards here.
Management Questions
Can I edit the mangement agreement?
It’s not common for our owners to edit our management agreement. By making different agreements with different owners, it can create a less ideal experience for everyone. It also requires additional administrative time to manage all the various contracts, which is not built into our pricing model.
Will you manage my property if there’s already a tenant in place?
Yes, we can take over managing a property that currently has a tenant in it.
Do I have to accept Section 8 or other rental assistance?
The City of Boise recently approved new renter protections. As of Jan 1, 2024, we are required to accept Section 8 and any other lawful, verifiable source of money as income.
This applies to Boise properties only.
Maintenance Questions
Do you hold any of my money for maintenance?
Each property we manage has a $300 maintenance reserve held in our account. This is your money and is held for your property. We will use it to pay for maintenance expenses that arise between the time rent is disbursed and when the next month’s rent is collected.
Do I approve maintenance costs?
If there’s an issue under $300 we’ll take care of it and let you know when it’s resolved. If it’s over $300 we’ll get your approval prior to authorizing work. The exception to this is if there is a maintenance emergency.
Will you use my vedors?
We use our trusted, high-quality vendors for maintenance work. If you have a vendor who you love working with let us know and if they meet our requirements they may be considered as a future preferred vendor.
Can I do my own repairs?
If the home is vacant you’re welcome to complete any repairs or maintenance items you’d like. When a home has a resident in it we will use one of our trusted vendor partners to complete any needed work.